On The Block

MAG Silver Corp. (NYSE: MVG) has formed a special committee to look at strategic alternatives in response to Fresnillo PLC’s purchase of 9.7 million shares, or a 19.83 percent stake, in the Vancouver company. MAG Silver also hired Macquarie Capital Markets Canada Ltd. as financial adviser. Fresnillo PLC is a joint venture partner and operator of the Minera Juanicipio, a silver mine that is 44 percent owned by MAG. In August 2007, MAG adopted a shareholder rights plan with a 20 percent trigger. For the latest second quarter, MAG Silver’s losses narrowed to C$1.1 million ($858,000) from C$2.2 million a year earlier and revenue more than doubled to C$545,586 from C$200,002.

Majestic Star Casino LLC will try its luck as it considers selling some or all of its assets. It has hired XRoads Solutions Group LLC as financial adviser to help with the evaluation of financial and strategic alternatives. Other options include a recapitalization, refinancing, restructuring or reorganization of obligations. The owner and operator of two dockside-gaming facilities and a hotel is mulling options to address trends in its negative operating results and a deterioration in its financial position. Las Vegas-based Majestic Star Casino is facing more competition, general economic weakness and a smoking ban in Colorado. In addition, Majestic Star Casino missed interest payments on two notes on Oct. 15, 2008.

Odyne Corp. (OTCBB: ODYC) plans to evaluate strategic options, including its possible sale, a strategic partnership, and a technology licensing agreement. The Hauppauge, N.Y.-based company will also consider raising equity capital. Odyne said it is reviewing options because demand for clean technologies has grown from the automotive and trucking industry, and it believes this a critical time to increase the production and sale of its systems. The developer of propulsion systems for plug-in hybrid electric vehicles has hired Matrix USA LLC as financial adviser to help evaluate alternatives.

Chemokine Therapeutics Corp. (OTCBB: CHKT) has hired Boenning & Scattergood Inc. as exclusive adviser to help evaluate strategic alternatives and to assist with efforts to raise funds needed to finance a liver cancer study. The options under review include a merger or sale involving Chemokine, licensing agreements and partnership transactions. Philadelphia-based Boenning & Scattergood will work with the Vancouver-based biotechnology company’s management and with Denmar Dixon, who is an individual consultant hired in September to oversee the process. Dixon had worked for Banc of America Securities and its affiliates for 23 years before his retirement in January.